Ground was broken recently on an interesting project in Edina.
A 5,900-square-foot single-family house will be sold to raise money for real estate education programs at the University of St. Thomas. The project will serve as a learning lab for undergraduate and graduate students during the fall semester.
Located at 6443 MCauley Terrace, near Hwys. 169 and 212-62, the house will overlook Arrohead Lake. JMS Custom Homes is the builder, and Alexander Design Group of Wayzata is the architect. (Jeff Schoenwetter, the owner of JMS Custom Homes is on the St. Thomas Real Estate Advisory Board.)
Crown Bank of Edina will provide construction funding to JMS for the house, which will have four bedrooms and five bathrooms.Otherwise, JMS and Alexander Design Group are donating their services to the project.
Other expected donors include Edina Realty, which will market the house and provide financing for qualified purchasers; Shenehon Co., appraisal services; Fabyanske Westra Hart & Thomson, legal services; plus other subcontractors.
JMS expects construction to be completed in time for the house to be placed in the 2014 Spring Parade of Homes, with a target price between $1.6 million and $1.75 million. St. Thomas says JMS will donate net proceeds from the sale to St. Thomas to benefit its real estate programs, with a fundraising goal of $250,000 or more.
The house will serve as an example of the “Green Path” standards endorsed by the Builders Association of the Twin Cities. These standards encourage energy efficiency in new construction and in home features including appliances, lighting, heating and air conditioning.
The project permits St. Thomas real estate students to gain hands-on experience, learn more about the housing construction industry, and how to market and sell a house.
The university offers bachelor of science and master of science degrees in real estate. And the Shenehon Center for Real Estate provides executive and continuing education programs for residential and commercial real estate professionals, holds conferences and special events, and sponsors the Minnesota Real Estate Hall of Fame.